COLUMBUS, Ind. — Cummins, Inc. (NYSE:CMI) today announced that it has entered into an accelerated share repurchase (ASR) agreement with Goldman, Sachs & Co. LLC. (GS&Co.) to repurchase $500 million of Cummins’ common stock. Today’s ASR is part of Cummins’ previously announced share repurchase plans authorized by the Board of Directors and is consistent with the company’s plans to return 75 percent of Operating Cash Flow to shareholders in 2018.
Under the terms of the ASR agreement, Cummins will repurchase $500 million of its common stock from GS&Co. with an initial delivery of approximately 3 million shares based on current market prices. The final number of shares to be repurchased will be based on Cummins’ volume-weighted average stock price during the term of the transaction, less a discount.
Cummins, Inc., a global power leader, is a corporation of complementary business units that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel and natural gas engines, to hybrid and electric platforms, as well as related technologies, including battery systems, fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Ind., (USA) Cummins currently employs approximately 58,600 people who are committed to powering a more prosperous world. Cummins serves customers in approximately 190 countries and territories through a network of approximately 500 company-owned and independent distributor locations and approximately 7,500 dealer locations. Cummins earned about $1 billion on sales of $20.4 billion in 2017. Further info is at: www.cummins.com. Follow Cummins on Twitter at www.twittter.com/cummins and on YouTube at www.youtube.com/cumminsinc
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